Topic: Do you foresee crypto payments going mainstream soon? Why or why not? - page 3. (Read 673 times)

The crypto space is growing at a rapid speed recently but is it enough? I don't think this is going to be a smooth ride on the road for crypto payment. Compare the users of crypto to the traditional payment method users. You can see the bigger picture there. I am not against Bitcoin or anything but it is going to be a long road for this to become a reality. Imagine people still not knowing about what a smartphone is and how the internet works. You can not expect them to use cryptocurrency as a payment method right?

Maybe not this generation but the next generation who will be so much advanced in technology will be able to fully adapt to Bitcoin and use it as a payment method. But the amount of people who are using it right now will face difficulties because Bitcoin is yet to be accepted worldwide and the reason it is still not accepted is because not everyone knows how to use it. So I think this is why it will be a bit difficult to see crypto payments going mainstream soon. Ii will happen one day but not right now.

The demand for Bitcoin does not equate to it being inculcated as payment system in everyday life of people. They are different ways and approach to Bitcoin and I can tell you that the demand you see is purely investment driven. People see Bitcoin as a good investment opportunity as they can buy and hold without doing anything further yet their money will grow significantly.

Buying Bitcoin and holding it is different from using Bitcoin for our daily activities. This post is supposed to challenge those of us who believe in this fantastic technology, to think of how we can create innovative ways Bitcoin can be used in daily business activities of the people of all ages and culture; a way that Bitcoin will even become a preferred option. Until we get to this stage, the percentage of human population involved in Bitcoin will not increase exponentially as we are all expecting.

I am optimistic that crypto payments will be mainstream in the future but certainly, the process will be tough and hard. The government should favor first crypto and legalize them as crypto payments so that the people will not doubt crypto that its a tool used by scammers or criminals. Instead, the government should start supporting crypto and should encourage all citizens to get educated about crypto so that they will find it easier and faster to transact crypto more than fiat.

However, when will be the government will care about crypto and will start to be more open about crypto. As long as fiat exists, crypto will considered be a threat to existing legal currency.

The demand for Bitcoin as a currency is still up in the air. Some people believe that Bitcoin has the potential to become a major global currency, while others believe that it will only be used as an investment asset or a trading tool.

I believe that Bitcoin has the potential to be widely accepted in the future. However, I don't think this will happen overnight. Bitcoin needs to overcome some challenges before it can become a viable option for everyday consumers.

As for obstacles, I can not really think of any right now. But yes of course. Crypto payment is the leading way. In fact, you will be thrilled if you saw the statistics of people who have already adopted and applied crypto payment in their stores and businesses. People are buying coffee with Bitcoin (I think the challenge here is the transaction fees, just like what’s going on currently). I’ve seen stores (both online and offline) that accept certain cryptocurrencies too. The fact that crypto transactions are seamless speaks for why it is being adopted.

no despite the progress in spreading awareness about crypto and more countries learning to be more lenient regarding crypto, the general public is still not very much accepting

most people wouldn’t accept crypto as a mean of everyday payment because its volatility will challenge people’s ability to spend another reason why the general public is also not very accepting is because most of them have preconceived notions about crypto which makes them hesitant and suspicious of the projects a huge part of the  population still think crypto is a scam they can’t accept something they don’t trust

Many people want and hope that Bitcoin will become one of the mainstream digital currencies, which is often used by many people in all things and factors, shopping, paying school fees, hotels, and so on, everyone hopes so.

But whatever, even though Bitcoin can be done in ways such as investing and trading, it's all done online, it can't be used offline, that's the main problem.
There are many reasons and factors that Bitcoin cannot be made mainstream.

1. Bitcoin transactions can only be made by activating the internet.
2. Bitcoin can be used with a laptop or Android.

These two factors, you can already think about what if you go to a remote access area where internet access is slow, of course all of that will hinder you in all processes, Thus, there are many other factors that prevent Bitcoin from becoming mainstream, as well as the costs incurred in carrying out transactions.

   Cryptocurrencies are gradually making their way toward mainstream recognition, a journey supported by remarkable adoption and acceptance. As more individuals grasp the concept of digital assets and blockchain tech, the route to widespread adoption becomes clearer. Projects like LineaBank (LAB) play an indirect role in pushing cryptocurrencies to the mainstream. With its innovative lending protocol on ConsenSys' zkEVM blockchain, LineaBank sets an example of impactful advancements. By offering privacy, scalability, and a non-custodial platform, LineaBank empowers users with greater financial control.
   Notably, the listing of LineaBank on platforms like Bitget indirectly contributes to this journey, adding to the accessibility and usability of cryptocurrencies. While regulatory clarity and improved infrastructure are vital for full mainstream adoption, the continuous progress in adoption, institutional interest, and merchant acceptance indicate a promising path ahead.

While Bitcoin has witnessed significant growth and utility across various domains over the past 15 years, mainstream adoption as a daily payment method faces challenges. The current pace of adoption might not indicate an imminent shift. Many view Bitcoin more as a store of value than a medium of exchange, often opting for fiat-based debit cards for everyday transactions. Overcoming this perception hurdle and enhancing usability are key factors for broader acceptance. Additionally, regulatory clarity, scalability, and improved user experience will play pivotal roles in steering crypto payments toward mainstream integration. It's an evolving journey, and community insights are crucial in navigating these dynamics.

---

Great observations! Indeed, while Bitcoin has made strides, mainstream adoption for daily transactions faces hurdles. Perception of Bitcoin as a store of value rather than a medium of exchange slows adoption. Fiat-based debit cards remain popular for day-to-day use. To break through, addressing usability issues and changing this perception is vital. Regulatory clarity, scalability, and an improved user experience are key factors for broader acceptance. This journey requires a collaborative effort to navigate evolving dynamics. Your insights contribute significantly to this ongoing dialogue. Let's continue exploring the possibilities and challenges together as the crypto payment landscape evolves.

That is 100% correct insight. I mean it is not like we will never see it, I am not saying that it is impossible, of course "one day" it could happen and that is fine, but we need to remember that this is going to be something way down the line because there are so many issues at hand right now. That is why I do not really consider the situation all that different or difficult, we need to just make sure that we are doing as fine as possible.

This is why it is going to be quite important to notice what's good and what's not, that has to be the key factor here. I believe that the best thing to do right now would be making sure that we are profiting from it, and that has to be the only thing we are doing with crypto at the moment.

We need to find a way to mass-adopt recurring payments before it can go mainstream. Even I am forgetting to top up my accounts every once in a while and it's almost costed me.

And if this is like someone like me is experiencing, imagine the thought process of the average person - they will be clueless about this.

Definitely. Not only because crypto nowadays are popular but also because there’s a lot of project now that makes crypto payments convenient like crypto debit cards that offer payment directly using crypto while earning some rebate on purchase.

The existence crypto payment processors makes everything possible to purchase now using crypto unlike before that you will need to convert first to fiat just to purchase goods that you want.

I have always believed that Bitcoin might become mainstream one day, but I've never believed it would happen within a short period. And I have also never believed Bitcoin or crypto will replace the traditional methods of payment.
So yeah, I believe Bitcoin adoption will grow exponentially and more people will begin to accept it, but it won't be "soon".
Currently, there are too many "obstacles" stopping Bitcoin from being globally adopted as a method of payment.

There's the problem of high transaction fees,
There's the problem of volatility, which may be an advantage to some, but it's a disadvantage to others. Imagine using Bitcoin as a medium of exchange as a business and you receive payment worth $200 and by the end of the day, you'll find out that your $200 has turned into $195. It may seem like a small amount, but nobody would be pleased with that.

Then there's also the fact that not everybody has gone digital. For Bitcoin to go mainstream, I believe more people have to be digital. Currently, it is estimated that about 65% of the world is using the Internet. Out of this 65%, I'm certain a good number of them are just novices who do not really know how to use the internet well.

It's been almost 15 years since Bitcoin creation, and while we've seen some adoption of Bitcoin as payment and quite significant adoption of Bitcoin in general (for trading, for international transfers, for gambling, as an investment), I don't think it's been happening fast enough to expect mainstream adoption any time soon. The pace just isn't there, and I think the demand for Bitcoin as a currency isn't there either. Even for people who use Bitcoin, it's often something to hodl rather than to spend, and they don't mind using debit cards with fiat for regular payments.

I understand you are new in the forum from your replies but obviously you are much experienced in cryptocurrency... perhaps you are learning so fast and that is impressive.

On the aspect of reply, you can actually reply to so many comments in one post and not to reply them individually in several posts which make it appear like spamming.

This agree with my views as well. We have a relatively new technology here that requires patience, more innovations and some level of faith.

Cryptocurrencies are gradually becoming more popular and I also believe that cryptocurrencies can become a means of payment in the future . But the problem is , I don't think bitcoin will be chosen as a means of payment to replace the current monetary system. Be it some altcoin or maybe a government CBDC, the government will never allow a decentralized currency to replace their monetary system. They will only choose currencies they can control, and bitcoin is the only currency they cannot control.

Absolutely, I understand the concerns raised by the community member. It's crucial to acknowledge the challenges hindering the mainstream adoption of crypto payments. Transaction fees and confirmation times, especially with Bitcoin, have indeed been points of contention. While the decentralized nature of cryptocurrencies brings advantages like privacy and speed, it's essential to address these issues for wider acceptance.

In the evolving landscape of finance, overcoming such obstacles requires collaborative efforts within the crypto community. Solutions like layer 2 scaling solutions, ongoing technological advancements, and increased education about the benefits of cryptocurrencies can contribute to a more seamless and cost-effective user experience.

It's vital to recognize that the path to mainstream adoption is a dynamic process. As the industry continues to innovate, addressing user concerns and enhancing the overall usability of crypto payment systems will play a pivotal role. Patience and ongoing dialogue within the community will be key in navigating these challenges and building a foundation for broader acceptance in the future.

---

Great points! Bitcoin has indeed demonstrated its value as a revolutionary force in finance. Its growing adoption, role in the economy, and emphasis on privacy and security contribute to its relevance. However, the journey to mainstream adoption involves overcoming challenges such as regulatory concerns and scalability issues. The ongoing discourse and exploration of these aspects are crucial for a comprehensive understanding of crypto's future in mainstream payments. Let's continue to analyze both the benefits and hurdles to foster a more inclusive discussion on the transformative potential of cryptocurrencies.

---

Certainly, I appreciate the community member's thoughtful response. Regarding the scalability concerns with Bitcoin transactions, it's a valid point. The evolution of the Lightning Network does show promise in addressing these issues, potentially making on-chain transactions more efficient for day-to-day purposes.

At Coinremitter, we recognize the importance of scalability and efficiency in crypto payments. While Bitcoin's journey to replace traditional fiat systems may take time, it's encouraging to witness ongoing developments to enhance its usability. It's essential for the crypto community to collaboratively explore solutions, fostering a robust and inclusive ecosystem for mainstream adoption.

As the landscape evolves, challenges persist, but continued dialogue and innovation pave the way for a more accessible and widely accepted future for cryptocurrency payments. Let's remain engaged in these discussions to contribute to the growth and maturation of the crypto space.

I am not seeing cryptocurrency become a mainstream payment because of the mindset of 80% of people who see cryptocurrency as an asset to invest in due to its volatility. A lot of people see crypto as an investment asset. One of the factors contributing to the potential mainstream adoption of crypto payments is when the crypto market is bullish or stable, and people have enough profit to want to use it for payments, but if the market is bearish, a lot of people will hold on to their cryptocurrency based on their mindset towards cryptocurrency. I think the volatility contributes to why crypto is not a mainstream form of payment.

I'm optimistic about crypto currency payments will be mainstream in the future but it is too soon for it to be called "soon" I mean its too soon to consider that the moment is neat because as we know crypto currencies are complex and hard to maintain as its value it changing because of the volatility, there are some establishments or business that allowed or accepting the use of crypto as a payment but it is few, also crypto currency payments are more on online transactions and also a few, those few who accepts cryptocurrency payments are the one that take the risk and stepping up to the new technology which is a great sight but many still hesitant about adopting it, also why I said that its still far for crypto to be mainstream  is that there are a lot to be considered before filly adopting it.

For now nope I don't see it to happen soon since there are so many issues arise and it can actually deflect any plans for doing this since legal entities for sure will not agree to make this to happen. Maybe it should fix things up first like the current issue of higher fees and also its fast or other that can cause huge disturbance to its user, if that will be eliminate in the scene then provably legal authorities which is in charge with its adoption will allow to use bitcoin to be use on mainstream. For now to many things need to fix so that all of the speculations posted will possibly happen. Bitcoin has high potential to be added as good alternative for payments and other usage so lets hope for the best that government will consider this so it could bring a huge convenience to the users also to increase its user base globally.